Page 69 - CCB_Full-Annual-Report-2021

68 Corporate Governance Statement 69

Executive Director Remuneration Contents
The table below summarises the Executive Directors’ remuneration policy for 2021:
Contents

Element of Purpose and Link Operation Maximum Performance Targets Element of Purpose and Link Operation Maximum Performance Targets
Remuneration to Strategy Remuneration to Strategy Strategic Report
Salary ∞ The Performance ∞ Reviewed annually ∞ There is no ∞ An element of Bonus ∞ Incentivises ∞ Paid in cash ∞ 50% of salary ∞ A combination
& Remuneration ∞ Takes periodic prescribed performance- annual delivery ∞ Not pensionable of 50% company
Committee is account of maximum annual related pay applies of financial and and 50% individual
committed to practices of increase strategic goals performance
adhering to the financial institutions ∞ The Performance ∞ Maximum bonus measures with a

Financial Services of similar size, & Remuneration only payable deferred element
Remuneration characteristics, and Committee is for achieving of amounts over
Code, thus sector comparators guided by the business and 20% of salary paid
ensuring that general increase personal targets over 3 years
the Bank has for the broader
risk-focused employee Long Term ∞ Aligned to main ∞ Grant will be ∞ 20% of base salary ∞ Achievement Corporate Governance Statement
remuneration population and Incentive Plan strategic objectives awarded each in final year of
policies (LTIP) of delivering financial year financial and
on occasions may
∞ Reflects skills need to recognise, Stopped in sustainable ∞ Paid in cash non-financial
growth as set
2020 – final
performance
and experience for example, an scheme is out in the Bank’s ∞ Not pensionable measures with
over time increase in the 2019 – 2021 strategic plan good and bad
scale, scope, or
∞ Reflects the value responsibility leaver elements
of the individual of a role. ∞ Cancellation
and their role
elements apply
∞ Provides an Pension ∞ Provides ∞ Defined ∞ Bank contribute ∞ Not applicable
appropriate level of retirement benefits contribution 10% of salary
basic fixed income provided
∞ Opportunity
∞ Avoids excessive for executives executives Independent Auditor’s Report
risk taking from to contribute contribute a min
over reliance on to their own 3% of salary
variable income
retirement plan ∞ Executives may
Benefits ∞ To aid retention ∞ Company car ∞ Not applicable ∞ Not applicable request a salary
and recruitment allowance, provision sacrifice for the
of private medical equivalent of their
insurance, life personal pension
assurance and contribution. This
permanent health arrangement is
insurance also available
for other staff Financial Statements

∞ For EDs who have
exceeded their
lifetime allowance
and/ or tapered
allowance, there
is the option
of taking a 10%
pension allowance
in cash (taxable
allowance) Notes to the Financial Statements